What is Desktop Wallet?
Let's find out Desktop Wallet meaning, definition in crypto, what is Desktop Wallet, and all other detailed facts.
A desktop wallet is a sort of software wallet that is typically non-custodial. The cryptocurrencies belonging to a specific wallet aren’t obtained by any central platform or third party. Rather, the end-user is the only one that is able to send or receive funds using private keys.
A few of the most well-known examples of desktop wallets are:
- Guarda;
- Electrum;
- Exodus;
- AtomicDEX.
There are a lot of other ones out there as well.
Advantages of Desktop Wallets
An important feature for many crypto users, particularly those that are new to crypto trading, is accessibility, which desktop wallets provide. Ease of use is another feature that desktop wallets possess since they are usually linked to trading platforms.
This gives users a simple technique to check their crypto while maintaining control of their private keys.
AtomicDEX and a few other desktop wallets utilize atomic swaps to execute peer-to-peer (P2P) cryptocurrency trading. Others have unions with centralized exchanges (CEXs).
Users may also get desktop wallets for free, and the bulk of them employ the open-source code.
Disadvantages of Desktop Wallets
There are certain disadvantages to using a desktop wallet. One of which is that, compared to mobile devices, there is a lack of portability. However, the vast majority of desktop wallets are compatible with a comparable mobile wallet.
This indicates that users can move their seeds from a desktop to a mobile device for better portability in a fast and effective manner.